They would spend first and promise to save whatever is left. Prioritizing your savings means setting aside savings first from your income before spending it. When you prioritize savings, you are saving for the future. Live to prioritize saving before spending Choose to live in simplicity for contentment is great gain.” 3.
The issue is not what you want to buy, it is how much can you really afford. They keep on buying things that will make them feel good. “Some people seem to fall into the trap of living the lifestyles of the rich and famous. At the end of the day, they are both unhealthy,” Chinkee explains. It is either you get disappointed because others are better off than you, or you will be proud because you are better off than others. There are only two things that will happen. “The answer is very simple: Never compare yourself with others. But in this era of consumerism and social media, how can you live in simplicity? It is about identifying what our real needs are versus our suggested wants. Simple living is appreciating what is necessary and what is not. Your medium-term can be used to pay your monthly bills and expenses, like rent, electricity, groceries and others, while your long-term can be an emergency fund or retirement fund.” 2.
“Your short-term income can be used to pay off your daily expenses such as transportation and your meal allowance. You need to generate income for the short-term, medium-term and long-term,” says Chinkee. Having one source of income is never enough. Unfortunately for many people, their only source of income is from their salaries, which may prove to be unstable in times of crisis. In this time when the cost of living is rising, building multiple income streams is a necessity. Live to earn from multiple sources of income Here are the five money lessons everyone can learn from Chinkee Tan: 1. It is with a positive mindset that people like him can succeed in life. Having the right business opportunity does not necessarily ensure success. He has also authored five best-selling books sharing his experiences on money and personal finance, which have sold over a million copies to date. Today, Chinkee Tan is one of the most sought-after motivational speakers in the country. Years later, he would cash in on the growth of his company by selling it at a good price. As soon as he was already earning for himself, he opted to drop out of school to focus on his entrepreneurial career.Ĭhinkee initially ventured into selling of real estate and insurance products before he eventually put up his own direct selling company, which now has a sales force numbering 30,000. The regular event was so successful that he, along with some partners, started producing concerts.Īt one time, Chinkee also joined showbusiness and appeared in several comedy movies. During his college days, he would organize after-class discos in the afternoon to earn extra income. Instead of getting desperate about his family’s uncertain financial future, he took the challenge of becoming financially independent by learning the ropes of entrepreneurship.Ĭhinkee grew up watching his parents ensure the family’s survival by earning a living through hard work and perseverance. The financial crisis that struck his family taught Chinkee early life skills about making money. He did it to support his parents, who were struggling with family finances at that time after their textile business closed down. Chinkee Tan was only 12 years old when he tried his hands at selling everything from toilet paper to t-shirts to his classmates and friends.
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